Business Tips from the Sharks
We asked some of the Sharks to give us their best advice regarding the most common questions they've received over the years from entreprenuers. Here's what they had to say:
Shark Tank Tips
1. What makes a good business idea great?
Barbara Corcoran: If your business idea clearly answers a need in the marketplace, it's probably a good idea. If the need is already being met by well-entrenched competitors, it can still be a good idea if it's a new, cheaper or more clever way of doing it.
Daymond John: Something that solves a problem (i.e., helps you do something faster), satisfies a need (i.e., makes an existing product cheaper), or improves quality of life (i.e., medical devices ).
Kevin Harrington: A good business idea is a product or service that solves a problem that is not already being solved in the marketplace. The product or service should be unique enough that it's not something already readily available.
Robert Herjavec: There are lots of good ideas but most great business are built on better execution of an existing idea. I am not a big believer in create a better idea and the world beats a path to your door.
